Whatever industry that you are working in, you will need to manage a huge amount of different documents. It’s slow and inefficient to manage these documents with physical files. The process of reviewing printed documents takes more time and makes you more vulnerable to an unauthorized access. A virtual data room (VDR) is a secure cloud-based document repository that allows authorized parties to view and edit documents remotely. It improves collaboration between teams across the globe and eliminates geographical barriers. It also reduces the chance of accessing information that is not authorized and creates robust compliance measures.

When selecting a VDR make sure you choose one that has advanced features designed to meet the specific needs of your company. You require a VDR that supports drag-and drop, bulk upload and a variety of formats for files. Look for a virtual room with an advanced search tool that can detect and index the text contained in files.

VDRs can automate workflows processes, workflows and processes in-process. For instance they can grant permissions depending on the role of the user. They can also track the documents that are used by authorized users. This includes the frequency and duration at which they were downloaded or viewed.

Find a service that offers mobile apps that can be used on all platforms and don’t require plugins or other software to be installed. You should also consider a provider that has multilingual support to meet the needs of users of different nationalities and ethnic backgrounds. Also, ensure that your VDR provides audit trails to record every action performed by each user in the virtual data space, including the time they logged into and exited the platform, the type of documents they downloaded or viewed and their IP address.